HomeNEWSBinance to donate funds to earthquake victims in Turkey

Binance to donate funds to earthquake victims in Turkey


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Popular crypto exchange, Binance has joined the growing list of crypto firms to offer donations to victims of the lingering Turkey earthquake. According to its CEO, Changpeng Zhao, the exchange will airdrop at least $100 USD to its users in the regions ravaged by the natural disaster in Turkey. Through this initiative, it is expected that Binance will be airdropping a total of $5 million USD equivalent to 95 million TRY.

Notably, Binance aims to identify the Turkey users based on Proof of Address (POA). It plans to complete this process before February 6th in 10 cities affected by the earthquake. These cities include Kahramanmaraş, Kilis, Diyarbakır, Adana, Osmaniye, Gaziantep, Şanlıurfa, Adıyaman, Malatya and Hatay. Although, Binance acknowledged that despite the limitations associated with POA method, it remains the best method to locate the impacted users.

Meanwhile, the charity arm of the exchange also launched public donation address for people to donate for the Turkey victims. As revealed, the exchange plans to convert every funds received with this address into TRY. Afterward, it will give the funds to an authorized NGO to aid the victims. According to Binance, it will accepts the donations in BTC, ETH, BNB, BUSD and XRP.

Side Notes of the earthquake in Turkey

It is noteworthy that the country has, since yesterday, been thrown into a state of disarray after a powerful 7.8 magnitude earthquake hit the southeast region of the country. This horrible disaster toppled buildings, leaving thousands dead and several others trapped. According to findings, the trail of the disasters affected at least seven provinces in the country. This thus makes it the strongest earthquake to hit Turkey since 1939.

According to the US Geological Survey, the earthquake started around 4.17am local time on Monday in south Eastern Turkey near the Syrian border. The survey identified the city of Gaziantep as the epicenter of the disaster.

Meanwhile, the Turkish authorities have been up and doing since the crisis rocked the country. According to the interior minister, Suleyman Soylu, the government deployed about 1000 rescue volunteers to the scene of the disaster. Similarly, the WHO also activated its network of emergency medical teams in Turkey to assist those affected by the earthquake. Notably, the intervention of the WHO comes shortly after the Turkey government publicly called for international assistance.

Worthy of note that Binance is not the only crypto firm that has offered help to Turkey amid the disaster. Yesterday, Binbits reported that Bitget unveiled 1 million Turkish Lira to support the victims. Also, Sandbox pledged its support to the victims of the earthquake. According to the platform, it will collaborate with its affiliate in the country to help the victims.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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